Midnight Gaming Corporation (US) agrees to acquire TGS Esports Inc. (CA) for $18 million USD
SCHAUMBURG, Ill., May 20, 2024 (GLOBE NEWSWIRE) -- Midnight Gaming Corporation (“Midnight”) is pleased to announce it has entered into a Letter of Intent (“LOI”) dated May 3rd, 2024, an asset purchase agreement with TGS Esports Inc. (TSXV: TGS). This contemplated transaction is expected to unite Midnight, the true pioneer of the “Esports Media” industry, with TGS, a growing esports and gaming organization. This LOI demonstrates Midnight’s ongoing commitment to building a foundation for a healthy gaming and esports industry by investing in, and growing promising brands.
TGS is an industry-leading company focused on connecting brands with fans of the gaming community. This is done through robust marketing campaigns featuring live events, digital tournaments, influencer campaigns, social media integration, and experiential activations. TGS was established in 2018 and is an industry leader in Canada.
“With the acquisition of TGS esports, Midnight Gaming will continue to grow its influence world-wide as the leader in in esports media and events.”
Ken McGraw, CEO of Midnight Gaming says: “The addition of TGS to Midnight’s subsidiary portfolio, is a key component to our future growth at Midnight. Midnight’s media technology, able to reach millions across the globe through Connected TV, enriches TGS the company, our live events and sponsor involvement, that will maximize company profitability.
As part of the LOI, Midnight will retain certain TGS staff and will be assigned certain TGS‘s intellectual property (“IP“) and assets. This IP includes TGS social media channels, website domains, and brands, while the assets include various gaming and AV equipment such as PCs, peripherals, monitors, and more. Midnight will also assume certain existing contracts currently signed with TGS.
“The whole team at TGS is excited at the opportunity to work with Midnight. Ken and I have continued to build our relationship over the past eighteen months and believe now is the right time to come together,” said Spiro Khouri, CEO, TGS. “This partnership allows us to take the model TGS has built and expand it internationally. Over the past six years we have focused on growing our business and knew there would come a time where additional resources would be needed to take it to the next level. We are confident now is that time and Midnight is the right partner.”
Summary of Acquisition
Midnight will acquire certain IP and assets of TGS in return for common shares of Midnight. Midnight will also assume certain liabilities of TGS.
As contemplated in the LOI, completion is subject to certain conditions, including, without limitation, satisfactory completion of Due Diligence, Exchange approval, entry into and closing of a definitive agreement with shareholder approval.
About Midnight Gaming
Midnight is the technology leader in esports media, connecting brands and advertisers to the esports industry. Midnight Gaming has its roots in competitive esports. That history sharpens is approach in facilitating quality events and activations, that please both gamer and advertiser. Midnight is committed to growing the esports industry from the gamer perspective and increasing the involvement of corporate partners in quality events worldwide.
About TGS Esports Inc.
TGS Esports is a full-service marketing solutions provider that specializes in engaging video game and esports fans. TGS creates gaming strategies and marketing programs for brands that want to connect with diverse communities of gamers in any genre, anywhere they play. TGS works with an extensive network of influencers, creators, and gaming community organizations to create unique content for every digital and social media platform. TGS builds custom brand activations for live, in-person engagement, for long and short form video, and for live streaming events and tournaments. TGS Esports has unmatched expertise in cultivating relationships and driving viewership among highly coveted and elusive young audiences. For more information, please visit TGSEsports.gg.